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Zhiyu Li

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Zhiyu Li
Investment
Dr. Richard W. Taylor
October 10th 2012
The Magnitude of the Mess We’re In
The annual spending by the federal government now exceeds the 2007 level by about $1 trillion. The result is an unprecedented string of federal budget deficits, $1.4 trillion in 2009, $1.3 trillion in 2010, $1.3 trillion in 2011, and another $1.2 trillion on the way this year. On the other hand, the Treasury now has a preponderance of its debt issued in very short-term durations, to take advantage of low short-term interest rates. It must frequently refinance this debt which, when added to the current deficit, means Treasury must raise $4 trillion this year alone. So the debt burden will explode when interest rates go up. The author thought economic theory, empirical studies and historical experience teach that the solutions are the lowest possible tax rates on the broadest base, sufficient to fund the necessary functions of government on balance over the business cycle; sound monetary policy; trade liberalization; spending control and entitlement reform; and regulatory, litigation and education reform.

Zhiyu Li
Investment
Dr. Richard W. Taylor
October 10th 2012
World War II Stimulus and the Postwar Boom
Despite two years of fiscal and monetary stimulus, the U.S. economy is sagging. During World War II, there was no investment in civilian infrastructure and the government placed severe restrictions on consumption. Today, households carry a much greater relative debt burden than they did in 1929, largely due to a 25-year mortgage binge. Between 1980 and 2007, disposable income grew at 5.9% per year while household indebtedness grew at 8.7% per year—a clearly unsustainable situation. If we wanted to replay the economics of World War II (without the war), it would mean high consumption taxes aimed at the middle class, and putting 30 million Americans to work at minimum wage or less. No serious politician could put forward such a plan. Policies aimed at reigniting the credit-driven consumption boom of the last 25 years won't work. The author believes that the key policy aims should be removing the tangle of tax, policy, regulatory and human-capital impediments to domestic private investment.

Zhiyu Li
Investment
Dr. Richard W. Taylor
October 10th 2012
Keynesian Economics vs. Regular Economics
In regular economics, the central ideas involve incentives as the drivers of economic activity. Additional transfers to people with earnings below designated levels motivate less work effort by reducing the reward from working. And also the financing of a transfer program requires more taxes in the case of deficit financing. These added levies likely further reduce work effort—in this instance by taxpayers expected to finance the transfer—and also lower investment because the return after taxes is diminished. And there is zero evidence that deficit-financed transfers raise GDP and employment. Roosevelt began relatively modest deficit spending that arrested the slide of the economy and resulted in some astonishing growth numbers. The fraction of the unemployed who are long term (more than 26 weeks) has jumped since 2009—to over 44% today, whereas the previous peak had been only 26% during the 1982-83 recession.

Zhiyu Li
Investment
Dr. Richard W. Taylor
October 10th 2012
Government Spending Is No Free Lunch
Team Obama is reportedly using a "multiplier" effect of government spending on economic output around 1.5, which means they spend too much money on government spending. In this case, an increase by one unit in government purchases and, thereby, in the aggregate demand for goods would lead to an increase by one unit in real gross domestic product. On the tax side, we should avoid programs that throw money at people and emphasize instead reductions in marginal income-tax rates -- especially where these rates are already high and fall on capital income. Eliminating the federal corporate income tax would be brilliant. On the spending side, the main point is that we should not be considering massive public-works programs that do not pass muster from the perspective of cost-benefit analysis. Just as in the 1980s, when extreme supply-side views on tax cuts were unjustified, it is wrong now to think that added government spending is free.

Zhiyu Li
Investment
Dr. Richard W. Taylor
October 10th 2012
Why the Spending Stimulus Failed
President Obama and congressional leaders confronted calls for four key fiscal decisions: short-run fiscal stimulus, medium-term fiscal consolidation, and long-run tax and entitlement reform. But economic theory, history and statistical studies reveal that more taxes and spending are more likely to harm than help the economy. In a survey of fiscal policy changes in the OECD over the past four decades, Harvard's Albert Alesina and Silvia Ardagna conclude that tax cuts have been far more likely to increase growth than has more spending. We should lower marginal effective corporate and personal tax rates further (for example, along the lines suggested by the bipartisan deficit commission's Erskine Bowles and Alan Simpson). We should quickly enact an enforceable gradual phase-down of the spending explosion of recent years. That's what the president and congressional leaders should initiate. Then let the equally vital task of long-run tax and entitlement reform proceed.

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...Childhood: 当今世界很多杰出的企业家都从事过推销工作。推销是一门十分复杂而且不容易学会的工作。李嘉诚酷爱读书。每天白天工作之后,晚上他还要买些旧书来自学,学完的旧书再拿到旧书店去卖,再用卖掉的'''买“新”的旧书。这样既学到了知识,又节省了很多'''。最初,李嘉诚向客户推销产品之前,心情总是十分紧张。于是他就在出门前或者路上把要说的话想好,反复练习,从而成功地克服了紧张的心理。渐渐地,李嘉诚发现自己不仅推销有术,而且大有潜力。他那与生俱来的观察能力'''分析能力十分适合于做推销员。他总是能凭着直觉看出客户是什么类型的人物,并且能马上了解客户的心理'''性格,从而定好相应的推销策略。李嘉诚认为,在从事推销工作的时候,必须充满自信,而且要熟悉所推销的产品,尽最大努力,设法让客户感到你的产品是廉价而且优秀的。很快,李嘉诚成了全公司的佼佼者。但李嘉诚从来不喜欢高谈阔论,他认为从事推销工作,重要的有两点:一是勤劳,二是创新。由于出色的推销成绩,李嘉诚18岁就做了部门经理,两年后又被提升为这家塑胶带制造公司的总经理。 赤手空拳打天下   1941年12月8日,太平洋战争爆发,圣诞节前夕,香港英军向日军投降。港币不断贬值,物价飞涨,李家生活愈加困难,而李云经又在这时病'''了。1943年冬天,李云经病重,他把李嘉诚叫到床前,轻声告诫道:“求人不如求己。吃得苦中苦,方为人上人。失意时莫灰心,得意时莫忘形。”15岁的李嘉诚坚定地点了点头,李云经才放心地闭上了眼睛。   父亲去世了,李嘉诚自觉长大了许多,他明白,从此以后他要挑起全家的生活重担了。尽管舅舅表示要资助李家,但倔强的李嘉诚仍然决定中止学业,打工挣'''。他相信只要自己肯努力,一定能出人头地。舅舅表示支持他,因为舅舅自己也是十多岁就离开父母到广州打天下的。不过,他仍然没有让李嘉诚进他的公司。李嘉诚明白没有人可以帮助他,他必须赤手空拳闯出一条路来。   月明走的却是完全不同的另一条路。她以优异成绩从英华女子中学毕业后,进入香港大学,后来又留学于日本明治大学。她的生活之路充满阳光'''鲜花。但难得的是,她从来没有嫌弃过表哥。而且,她与李嘉诚两小无猜的纯真感情还随着年龄的增长转变为热烈的爱情。她一直牵挂着在香港拼搏的表哥。李嘉诚踏上谋生路后,不管是当茶楼的堂倌、还是当'''表公司的学''',月明对李嘉诚都是一往情深,她在精神上对李嘉诚的慰藉'''支持,鼓舞着李嘉诚战胜了一个又一个的困难。   1950年,年仅22岁的李嘉诚在筲箕湾创办长江塑胶厂。“长江”取意于“长江不择细流,故能浩荡万里”,足见李嘉诚的雄心壮志。月明更加欣赏表哥,并为他感到自豪。   办厂初期,曾经出过质量事故,李嘉诚再一次体会到世态炎凉。危难之中,不变的是庄月明对表哥的一片赤诚之心。爱情的力量,将历经磨难的李嘉诚锻造成不屈的男子汉。   1955年,长江塑胶厂终于出现了转机,产销渐入佳境。1957年,李嘉诚到意大利考察,回港后率先推出塑胶花,随即成为热销产品。不久,他又积极开拓世界市场,很快就成为“塑胶花大王”。   1958年,李嘉诚涉足地产业,在港岛北'''建起了第一幢工业大厦;1960年,又在柴湾兴建了第二幢工业大厦,李嘉诚的事业迅速走向辉煌。 |百度首页 | 登录 | [pic][pic] ...

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